The Chart of the Week: Gold bears in anticipation of break of $1,805
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 60% OFF!
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- Gold bears eyeing critical resistance in anticipation of next bearish leg.
- $1,805 is where the bears need to get below.
In an analysis last week, which paints a bearish outlook for the yellow metal, the price action has so far played out as follows:
Last week's analysis
Subsequent price action
The daily chart shows that the bulls have enjoyed some time in the driving seat until the expected resistance.
A rejection from the structure will now put the bears back in the driving seat for a test of $1,805 support.
An opportunity could be derived from here to catch the next bearish impulse that would target a 61.8% Fibo' retracement of the monthly bullish impulse:
- Gold bears eyeing critical resistance in anticipation of next bearish leg.
- $1,805 is where the bears need to get below.
In an analysis last week, which paints a bearish outlook for the yellow metal, the price action has so far played out as follows:
Last week's analysis
Subsequent price action
The daily chart shows that the bulls have enjoyed some time in the driving seat until the expected resistance.
A rejection from the structure will now put the bears back in the driving seat for a test of $1,805 support.
An opportunity could be derived from here to catch the next bearish impulse that would target a 61.8% Fibo' retracement of the monthly bullish impulse:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.